A guide line on how to comply with International Trade Embargo’s

To a greater or lesser extent the international politics are using sanction measurements.

The European Union, the United States and individual countries put in sanctions for violation of international rights, for violation of international human rights or fight against terrorism. Besides weapon embargo’s, freezing of credits, travel- and visa restrictions we see an increasing number of trade restrictions leading to International Trade Embargo’s.

Trade sanctions can apply differently from country to country. Herewith  trade sanctions  more and more influence the worldwide business life. The three most be found sanctions are pointed on:

1.       Specific countries;

2.       Specific sorts of products;

3.       Certain registered persons, organizations & companies.

Sanction measures are legally stated and as a consequence also applicable on (cargo) insurance.

The working of trade sanctions is also applicable on the insurance policies Atlas has taken out on behalf of their members. In these policies an explanation applies by means of a so called “sanction clause”  which clause reads as follows:

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Sanction Limitation and Exclusion Clause.

No (re) insurer shall be deemed to provide cover and no (re) insurer shall be liable to pay any claim or provide any benefit hereunder to the extent that the provision of such cover.

Payment of such claim or provision of such benefit would expose that (re) insurer to any sanction, prohibition or restriction under United Nations resolutions or the trade or economic sanctions, laws or regulations of the European Union, United Kingdom or United States of America.

International Trade Embargo’s and how Atlas members should deal with it 2

It is further specifically agreed that this contract excludes absolutely any shipment or exposures to, from, via or within Iran and without qualification any exposures associated with any individual, entity or subject-matter which is subject to any sanction, prohibition or restriction under United Nations resolution or the trade or economic sanctions, laws or regulations of the European Union, the  United Kingdom or the United States of America in relation to Iran.

We want to emphasize that this clause is no change in the cover conditions of the policy because on policies without a sanction clause the sanction law is applicable anyway.

Hereunder you will find some more information about trade sanctions:

Trade sanctions and the objectives of trade restrictions could change at all times.

Trade sanctions could have far reaching potential impact for your company. You should be aware of the present local and international trade restrictions. Besides we would advise you to keep an eye on the developments in the field of trade sanctions to minimize future risks.

Which additional measures you can take to identify international trade sanctions and comply with it?

Consider appropriate due diligence procedures to take care that your company complies with the trade sanctions.  Amongst others you can use electronic screening software to detect persons, organizations and companies which are subject to local and international trade sanctions.

The software has been developed to screen data about clients and data of third parties against the various lists of companies and persons which are subject to trade sanctions, as a result of which parties could be identified which are subject to trade restrictions.

A well-known supplier of screening software is LexisNexis: for info ‘click here’

But there are also various other well-known dealers

Atlas Logistic Network assists your on-line cargo insurance

Since more than a decade Atlas is offering on-line solutions, rates and certificates for cargo insurance to our members on a global scale. irrespective whether you are looking for an ocean, air, truck or multimodal transport insurance.

Thanks to their innovative on-line system and dedicated cooperation with our insurance brokers, the Atlas Logistic Network is able to offer you and your customers readymade tariffs.

Meeting with your client at his office … no problem … go on line and give him the premium he is waiting for … you can make it happen … just use our dedicated Atlas on-line cargo insurance system.

International Trade Embargo’s and how Atlas members should deal with it 4

On-line certificates printed on “your” copier at “your” desk.

Certificates can be printed at your desk or in your office and are supplied within seconds after completion your personalized request. You still feel the rate is not in line with your requirements … Atlas is ready to support you and will arrange a tailor-made tariff to meet your customers

Atlas is also taking care of your personal E&O liabilities

But it does not stop here … various members from our network have taken the decisions to conclude also their E&O liabilities via the Atlas insurance brokers. These covers are custom made and subject to the local market conditions of the members but are highly competitive … interested … references required within our family group … let us know … we’ll make it work for you.

‘click here’ to learn more benefits

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